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Annual Report 2006 Annual Report 2006 Aker Yards Employees at the Saint-Nazaire Ship- Yard in France — Skilled Shipbuilding Professionals

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Annual Report 2006 Annual Report 2006 Aker Yards Employees at the Saint-Nazaire Ship- Yard in France — Skilled Shipbuilding Professionals Annual Report 2006 Annual report 2006 Aker Yards employees at the Saint-Nazaire ship- yard in France — skilled shipbuilding professionals ● Aker is an active industrial owner ● Aker companies have a total of 55,000 employees in 45 countries ● Total 2006 revenues: NOK 80 billion ● Main focus: Energy, maritime and marine-resoures industries People make Aker what it is … as they have for three centuries A tradition of innovation Aker is a skilled, active developer of world-class industries, with 55,000 employees on five continents, and operating revenues of NOK 80 billion. Aker has a tradition for innovation — stretching vessel gear, and construction materials, and all the way back to the industrial revolution in built ships. The focus on transportation included Great Britain and the Nordic countries. Aker was deliveries of components to ever-larger vessels founded in 1841, but several of its business ac- for international commerce. Our workshops tivities have roots that date back to the 1700s. were recognized wellsprings of innovation. Initially, these businesses developed and built In recent decades, Aker has strengthened machinery components and equipment needed its position as the preferred partner of leading to develop the iron, metals, and shipping indus- oil and gas companies, a wide range of indus- tries of their day. tries, and shipowners. Aker’s heritage is the In the heyday of steam power, Aker’s pre- people who were always willing to take on chal- decessors delivered machinery to pioneers in lenges and to deliver industrial solutions. Aker’s the developing timber, lumber, paper, and coal generations of dedication and know-how, com- industries as well as hydropower turbines. They bined with today’s technologies and tools, yield also manufactured ships’ equipment, fishing tomorrow’s products, services, and solutions. Aker — an overview Aker ASA Active industrial owner – further develops and strengthens Aker companies Aker Kværner Aker Floating Production Globally leading supplier – energy, oil, Oil production ships – unique solutions gas, and process solutions for FPSO floating production Aker Yards Aker American Shipping World leader in specialized vessels – USA specialist – builds, owns, and Europe’s largest shipbuilder, with 17 yards charters merchant vessels in the USA in seven countries Aker Material Handling Aker Seafoods Leading European innovator – office, Spans the entire value chain – from archive, and warehouse storage solutions harvesting and processing to European consumers Aker Exploration Focused targeting – enters partnerships Aker BioMarine that find and produce oil and gas on the Healthy ingredients – develops omega-3 Norwegian continental shelf products from krill Aker Capital Aker Drilling Investments – incubator and financier for Modern rigs – has the world’s two most new companies advanced offshore drilling units under construction People make Aker what it is … as they have for three centuries This is Aker Aker is an active, industrial ownership company. Aker companies share a common set of values and long traditions of active industrial development. Aker creates value for all stakeholders by building and further develo- They are noted for the way they work closely with their customers, ping world-class businesses in industrial sectors in which Aker com- cooperation partners, and suppliers worldwide. panies possess know-how, state-of-the-art expertise, and strong exe- cution capabilities. Aker is an industrial incubator, launching new companies that have Shareholders grown out of current business activities and developed from syner- Since Aker was listed on the Oslo Stock Exchange on 8 September gies among these activities. Aker companies develop through opera- 2004, the company has created significant value for shareholders. As tional improvement, organic growth, and acquisitions. Although Aker of 31 December 2006, the company had 17,308 shareholders. develops its companies as though they are to be owned indefinitely, Kjell Inge Røkke is Aker’s main shareholder; through his privately- its long-term perspective does not prevent Aker from divesting inte- held company TRG he owns 67.8 percent of Aker ASA shares. rests or selling companies when these businesses can better advan- ced under other owners. Size With a total of 55,000 employees in 45 countries and revenues of NOK 80 billion, Aker companies are significant industrial participants in many communities. The value of Aker’s listed shareholdings increased from NOK 19 bil- lion to NOK 36 billion in 2006. Markets and customers Aker companies deliver technology-based products and services, and advanced, integrated solutions and niche projects to customers in oil, gas, energy, and process industries. Aker companies also include a major shipbuilder and a significant fisheries industry participant. Aker’s core businesses are leaders in their respective industries. History – long traditions Establ. Peter Steenstrup Kjell I. Røkke Norcem (offshore, cement) Aker Kværner Aker Yards J M Johansen (fisheries) Aker Seafoods RGI Aker Am. Shipping Aker Matr. Handl. Davy/John Brown/Trafalgar Aker Drilling Aker Floating Prod. Oluf A. Onsum, founder Kværner Aker Biomarine Aker Exploration Masa-Yards Aker Capital 1850 1900 1950 2000 Abaout us 2006 Contents 2006 Key events About us and our goals ● Another excellent year 7 Key figures 2006 Aker continued to grow and develop in 2006. Revenues for 2006 for Aker 8 Our values Group companies amounted to NOK 80 billion, up 38 percent compared 10 Letter from the CEO with 2005, and 2006 operating profit (EBITDA) was NOK 4.3 billion, up 43 percent from 2005. At year-end 2006, the order backlog stood at NOK 144 Our business billion, up NOK 50 billion compared with 31 December 2005. 12 Business areas 14 Aker Kværner ● Active value creatioon 18 Aker Drilling The parent company Aker ASA, actively creates added value. The estab- 20 Aker Floating Production lishment of Aker Floating Production, Aker BioMarine, and Aker Explora- 22 Aker Exploration tion generated revenues of approximately NOK 4.6 billion in 2006. 24 Aker Yards 28 Aker American Shipping ● New company on the Oslo Stock Exchange 30 Aker BioMarine Aker Floating Production was listed on the Oslo Stock Exchange in June 32 Aker Seafoods 2006 following a USD 150 million share issue. Prior to the share issue, the 34 Aker Material Handling market had priced Aker’s ownership interest in Aker Floating Production at approximately NOK 800 million. Aker Floating Production owns, operates, 36 Aker Capital and charters ships for production and storage of oil and gas. 38 Health, safety and environment 39 Human Resources ● Targeting krill 40 Corporate responsibility Aker BioMarine completed a NOK 1.2 billion share issue, Aker’s 76.2 per- Our performance cent ownership stake in Aker BioMarine was valued at NOK 3.9 billion. Aker BioMarine combines Aker’s long-term international fisheries activities 42 Board of Directors’ report and deepwater marine harvesting know-how with state-of-the-art biotech- 46 Annual accounts nology. Aker BioMarine will apply for listing on the Oslo Stock Exchange in 48 Annual accounts Aker group the first half of 2007. 96 Annual accounts Aker ASA 110 Annual accounts Aker ASA and Holding ● Ready for oil exploration 117 Shareholder information Aker Exploration raised NOK 1.37 billion in new equity and convertible bonds. Aker’s ownership stake in Aker Exploration was valued at NOK 305 Organisation and governance million prior to the share issue. Aker holds 49.9 percent of Aker Explora- 120 Corporate governance tion shares. The offshore exploration company is ready to help discover 122 Board of Directors new oil and gas reserves on the Norwegian continental shelf. It has char- tered one of Aker Drilling’s ultra-modern drilling platforms and has ow- 124 Management nership stakes in offshore licenses. Aker Exploration will apply for listing 125 Addresses on the Oslo Stock Exchange in the first half of 2007 Financial calender 2007 29. March Annual General Meeting 8. May Interim report, Q1 2007 14. August Interim report, Q2 2007 5. November Interim report, Q3 2007 Aker – solving tough problems since 1841. Aker ASA annual report 2006 About us 2006 Key figures Aker Key operational figures 2004 1) 2005 2006 Order backlog 31.12 56 109 93 552 143 590 Order intake 55 964 85 412 111 833 Operating revenues 46 826 57 927 79 892 EBITDA 1 965 2 993 4 280 EBITDA margin 4.2 5.2 5.4 Profit for the year -69 2 590 3 942 Cash flow Cash flow from operating activities 4 921 3 632 4 337 Balance sheet Interest bearing liabilities 8 563 12 659 18 595 Equity ratio 23.4 26.1 27.6 Share data Share price 31.12 62 198 401 Dividend per share (paid) - 14.0 6.5 Employees Number of own employees per 31.12 (not including agency personnel) 35 816 36 937 46 255 HSE Sick leave 3.5 3.8 3.2 1) Proforma Profit and loss figures Operating revenues EBITDA Order intake Order backlog NOK million NOK million NOK million NOK million 80 000 5 000 120 000 160 000 70 000 4 000 60 000 90 000 120 000 50 000 3 000 40 000 60 000 80 000 30 000 2 000 20 000 30 000 40 000 1 000 10 000 0 0 0 0 2004 2005 2006 2004 2005 2006 2004 2005 2006 2004 2005 2006 Aker ASA annual report 2006 7 About us Our values Unity and commitment Aker’s success is built on our six core values. Our employees’ dedication and know-how allow Aker companies to deliver on their promises. Aker companies share a common set of va- “speak the same language” cooperate more lues, which both unite us and affirm our com- easily. Thus, we use a system that weaves mitment. values into procedures and guidelines at all Our shared values have a long tradition. group levels.
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